Iron ore prices bounce back

Following several days of losses, iron ore spot markets grew slightly on Tuesday.

The Metal Bulletin reports that the price for benchmark 62% fines jumped 3 per cent to $64.95 a tonne. Over the past seven sessions, iron ore had fallen 12.6 per cent.

On both ends of the spectrum, ore with 65% Fe content rose 2.5 per cent to $89.50 a tonne while 58% fines added a smaller 0.8 per cent, settling at $39.30 a tonne.

Spot markets rose after China's steel futures edge up during the session, with the most-traded construction steel futures contract on the Shanghai Futures Exchange closing up 0.87 per cent at 3,614 yuan per tonne.